In a high-stakes move amid shifting economic tides, SmartStop Self Storage REIT Inc. has unveiled plans for a $864 million initial public offering (IPO), signaling confidence in the self-storage sector’s resilience. Represented by Nelson Mullins Riley & Scarborough LLP, with Latham & Watkins LLP advising underwriters, the Ladera Ranch, California-based company is setting its sights on a New York Stock Exchange debut under the ticker “SMA”.
The IPO is expected to price during the week of March 31, with 27 million shares targeted at a range of $28 to $36 per share. If priced at the midpoint, the deal would raise $864 million, bolstering SmartStop’s plans for debt repayment and aggressive expansion.
Self-Storage Boom: A Market Ripe for Expansion
SmartStop, a premier owner and operator of self-storage facilities in North America, currently manages 208 properties across 22 U.S. states and three Canadian provinces. The company, which reported $237 million in revenue but an $18.4 million loss in 2024, sees rising population growth and renter-occupied housing trends as key catalysts for expansion.
“We believe the self-storage sector has distinguished itself as a core asset class with attractive long-term organic growth characteristics and strong free cash-flow generation,” SmartStop stated in its SEC filing.
